Tax news and information - Journal of Accountancy

TOPICS

February 1, 2022

Second Circuit: SALT cap is not unconstitutional

The $10,000 maximum deduction for state and local taxes is upheld by the Second Circuit.

January 31, 2022

List of automatic tax method changes updated

A revenue procedure catalogues changes subject to general procedures of Rev. Proc. 2015-13.

January 31, 2022

‘Quick’ carryback tax refunds took nearly double the 90-day deadline

Over a period of 15 months in 2021 and late 2020, the IRS was consistently late in processing applications for carryback adjustment refunds, a US Government Accountability Office study finds.

January 28, 2022

IRS: ‘Limited group’ getting erroneous Letters 6419

The Internal Revenue Service pushes back against suggestions that errors in the letters, which report to taxpayers their advance child tax credit payments for 2021, are widespread.

January 27, 2022

AICPA notes IRS announcement on notices, asks Service to do more

The IRS said it will halt some notices to taxpayers, but the AICPA is asking it to do more to reduce erroneous automated notices and unnecessary taxpayer contact.

January 27, 2022

Sales tax: Nearly 4 years after Wayfair, what’s on the horizon

An interview with a tax expert explores how a Supreme Court ruling created a new playing field for business and how practitioners can advise clients on related issues.

January 26, 2022

How nonfilers can claim 2021 tax credits

Procedures are available for individuals not otherwise required to file a return to claim three common tax credits.

January 25, 2022

Taxpayers need relief now, AICPA and other organizations say

The AICPA and a coalition of organizations representing tax practitioners reiterated their call for taxpayer relief from penalties and other compliance actions, given ongoing Internal Revenue Service problems.

January 24, 2022

Final regulations affect owners of foreign stock

Final and proposed regulations cover PFIC and CFC stock held through domestic partnerships and S corporations.

January 19, 2022

IRS issues procedures for employee status determinations

Prior guidance on Tax Court jurisdiction over IRS determinations of employee vs. independent contractor status is modified and superseded.

January 14, 2022

AICPA joins coalition seeking relief from IRS service challenges

A diverse group calls upon Internal Revenue Service to take steps to mitigate its service issues.

January 14, 2022

FAQs address calculation and reconciliation of recovery rebate credit

Economic impact payments taxpayers received during the tax year must be netted against a tax credit on 2021 returns.

January 12, 2022

National taxpayer advocate details 2021 as ‘most challenging year’ ever

Erin Collins’ Annual Report to Congress for 2021 portrays an IRS beset by insufficient resources to meet overwhelming demands.

January 12, 2022

Updated FAQs address 2021 child tax credit and advance payments

FAQs on the Service’s website are updated for preparing 2021 returns.

January 11, 2022

Practitioners wary of IRS service lapses as tax season begins

Continuing problems in timely processing of returns and correspondence may threaten more headaches.

January 10, 2022

IRS to accept 2021 tax returns starting Jan. 24

The IRS announced the start date for tax season and that the due date for most individuals is April 18.

January 7, 2022

New R&D credit documentation requirements clarified

Starting Jan. 10, a Sec. 41 credit claimed on an amended return must include specific information.

January 6, 2022

What’s new for 2022 in federal taxes

A law change and some regulations take effect while an array of provisions expire.

January 1, 2022

Like-kind exchanges of real property

New limits are considered for Sec. 1031 transactions.

January 1, 2022

Spotlight on tax season

While pandemic relief measures for individual taxpayers are no surprise, they require still-novel calculations and considerations, with a few new wrinkles in some familiar items.

FROM THIS MONTH'S ISSUE

Build reusable Skills in Anthropic’s Claude AI

Instead of rewriting prompts each time, CPAs can turn routine tasks into reusable AI Skills. This Technology Q&A walks through how to build Claude Skills that process files, ask setup questions, and export clean Excel outputs.